Indian health insurer Niva Bupa files for $360 mln IPO (updated)

ICICI Securities

01/07/2024 05:12

(Adds details on IPO, company from paragraph 2 onwards)
       BENGALURU, July 1 (Reuters) - Indian health insurer Niva
Bupa has filed for an initial public offering (IPO) to raise up
to 30 billion rupees (nearly $360 million), draft papers showed
on Monday.
    The company, majority owned by British United Provident Fund
(Bupa), said it will issue fresh shares worth up to eight
billion rupees as part of the offering. 
        It aims to use the proceeds from that sale to strengthen
its balance sheet and for operating expenses. 
  
        Existing shareholders Bupa Singapore Holdings and Fettle
Tone, will sell shares up to 22 billion rupees, Niva Bupa added.
  
        As of the end of fiscal 2024, the company's borrowings
stood  at 2.50 billion rupees, unchanged for the third straight
fiscal. Its total income, which comprises net premium income,
investment income and other income, rose 44% year-on-year. 
  
        ICICI Securities, Morgan Stanley, Kotak Mahindra Capital
and Axis Capital were among the book-running managers to Niva
Bupa's IPO. 
  
        The insurer is set to go public in India's booming IPO
market. 
  
        More than 100 companies have raised around $4 billion in
IPOs so far this year, more than double the amount raised by
this time last year, per LSEG data, with the domestic equity
market at an all-time high on the prospect of healthy economic
growth.
  
        
  

($1 = 83.3950 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank
Dhaniwala and Nivedita Bhattacharjee)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))